Tax planning

Trump's remarks are likely to pour cold water on discussions about creating a new 40% tax bracket for people earning $1 million or more.

The Budget Lab at Yale projects that taxing income over $1 million at a 40% rate would generate $420 billion over a decade.

States including Florida, New Hampshire, Texas and South Carolina are the main ones attracting clients due to their tax-friendly policies.

President Donald Trump is considering ideas to raise taxes on the rich as a way to partially offset revenue losses from his tax package.

The openness to a new 40% tax bracket for millionaires comes after decades of Republicans opposing any form of tax increase.

As the expiration of key Tax Cuts and Jobs Act provisions looms, tax pros are preparing for what could be another period of upheaval.

Forming a trust now and funding it after Congress decides whether to keep the current gift tax exemption rate could make for an effective preemptive strike.

What will the tax implications be for CPA clients and practice owners? Where are interest rates headed? What about inflation?

Following the Republican victory in the 2024 election, tax reform and political changes are at the forefront of every accountant's agenda.